Bankruptcy

NEWPORT BEACH — The Shore House Cafe, a 30-year-old Balboa Peninsula icon, filed for bankruptcy this month, public records show, but is still open for business. Stephen Madoni, a Newport Beach attorney representing Shore House and Chief Financial Officer David Beladonna, called the move a "reorganization," but did not offer further comment. Shore House Cafe Inc. filed for Chapter 11 bankruptcy in U.S. Court, Central District, on June 23, according to court filings reviewed by the Daily Pilot.

Newport Beach sports agent Leigh Steinberg, whose life story partially inspired "Jerry Maguire," has filed for bankruptcy, according to an email he sent to the Daily Pilot. Steinberg, 62, pens a weekly sports column for the Pilot. He said in his statement that media exposure that harmed his family and chased away clients led to him to seek Chapter 7 protections in federal bankruptcy court. He had been hoping to repay those who had given him loans. Steinberg used to represent a large roster of professional football and baseball players and boxers.

When John McMonigle posted a question on his Facebook page about how people would be spending the weekend in Orange County, he mostly got responses like going to the beach or attending children's sporting events. But someone posted this reply, which was still posted on Monday morning but had been deleted by the afternoon: "Filing for bankruptcy. How about you?" McMonigle, 46, a Newport Beach real estate agent behind the sale of some of the county's most expensive properties, filed for Chapter 7 bankruptcy Friday to relieve debt from a few more than 200 creditors, according to online federal court records.

Greg Risling NEWPORT BEACH -- Two disgruntled vendors and a partner owed about $1 million have filed bankruptcy on behalf of the Speedway Restaurant. The involuntary petition for Chapter 11 bankruptcy was filed in federal court in Santa Ana on Aug. 27. The petition basically asks for money to be given to the complainants by Speedway's owners. One of the owners, Richard Marcosi, has loaned his partners about $1 million over a series of months but reportedly hasn't been recompensated.

Deepa Bharath SOUTH COAST PLAZA -- An upscale restaurant opened two years ago at the shopping center and partly owned by celebrities such as Kevin Costner, Robert Wagner and golfers Fred Couples and Jack Nicklaus filed for Chapter 11 in an Illinois bankruptcy court Oct. 4, restaurant officials said this week. A tough economy and a lull in business travel after the Sept. 11 attacks on the East Coast are partially to blame for The Clubhouse restaurant's situation, said Paul Kraft, vice president of operations.

As one of two candidates for county treasurer, Chriss Street is finding he has to defend himself on charges related to his management of a corporate bankruptcy. Street is now the assistant treasurer and the chosen successor of Orange County Treasurer John Moorlach. But as Street was beginning his campaign, the current head of truck trailer manufacturer Fruehauf Trailer Corp. charged him with mismanagement of that company between 1998 and 2005. Among those raising questions about Street's legal entanglements is Patrick Desmond, 59, an auditor and appraiser in the county assessor's office who is running against Street, 55, a longtime Newport Beach resident, in the June 6 election.

Orange County Treasurer Chriss Street is being sued for $7 million for alleged mismanagement of the bankruptcy of a Delaware truck trailer manufacturer, according to documents filed Friday in Delaware's federal bankruptcy court. The suit alleges that while Street managed the bankruptcy trust for Fruehauf Trailer Corp., he improperly pumped up his salary, charged personal expenses — including vacations and Botox treatments — to the trust and tried to create a trailer manufacturing enterprise by buying two other companies, "both of which failed in spectacular fashion," according to the suit.

Newport Beach City Atty. David Hunt, who has been on administrative leave since his March arrest on suspicion of felony spousal abuse, filed for bankruptcy in 2006, court records show. Hunt had taken out three mortgages on his $1.1-million, six-bedroom home in Paso Robles by the time he and his wife filed for Chapter 7 protection in March 2006, according to U.S. Bankruptcy court records. The bankruptcy was related to Hunt’s shuttered law practice in Paso Robles, Newport Beach Councilman Mike Henn said.

A landmark Harbor Island home sold in bankruptcy court last month, reportedly for $6 million below its asking price. The French Neoclassic mansion, at 18 Harbor Island, sold for $27 million, according to The Wall Street Journal; it was listed at $32.6 million. Best known for its massive flag pole and ornate limestone exterior, the 12,000-square-foot home cannot be missed from the harbor's main turning basin. A Colorado couple in advertising purchased the home from a group of owners led by an apparel executive, The Journal reported.

Newport Beach sports agent Leigh Steinberg, whose life story partially inspired "Jerry Maguire," has filed for bankruptcy, according to an email he sent to the Daily Pilot. Steinberg, 62, pens a weekly sports column for the Pilot. He said in his statement that media exposure that harmed his family and chased away clients led to him to seek Chapter 7 protections in federal bankruptcy court. He had been hoping to repay those who had given him loans. Steinberg used to represent a large roster of professional football and baseball players and boxers.

NEWPORT BEACH — The Shore House Cafe, a 30-year-old Balboa Peninsula icon, filed for bankruptcy this month, public records show, but is still open for business. Stephen Madoni, a Newport Beach attorney representing Shore House and Chief Financial Officer David Beladonna, called the move a "reorganization," but did not offer further comment. Shore House Cafe Inc. filed for Chapter 11 bankruptcy in U.S. Court, Central District, on June 23, according to court filings reviewed by the Daily Pilot.

When John McMonigle posted a question on his Facebook page about how people would be spending the weekend in Orange County, he mostly got responses like going to the beach or attending children's sporting events. But someone posted this reply, which was still posted on Monday morning but had been deleted by the afternoon: "Filing for bankruptcy. How about you?" McMonigle, 46, a Newport Beach real estate agent behind the sale of some of the county's most expensive properties, filed for Chapter 7 bankruptcy Friday to relieve debt from a few more than 200 creditors, according to online federal court records.

A landmark Harbor Island home sold in bankruptcy court last month, reportedly for $6 million below its asking price. The French Neoclassic mansion, at 18 Harbor Island, sold for $27 million, according to The Wall Street Journal; it was listed at $32.6 million. Best known for its massive flag pole and ornate limestone exterior, the 12,000-square-foot home cannot be missed from the harbor's main turning basin. A Colorado couple in advertising purchased the home from a group of owners led by an apparel executive, The Journal reported.

The Orange County Bankruptcy Forum has selected Penelope Parmes, a seasoned partner with Rutan & Tucker, LLP, California’s largest full-service law firm based in Orange County, as the recipient of The Honorable Peter M. Elliott Memorial Award for 2009. The organization’s coveted award honors her for outstanding scholarship, ethics and service to the Orange County bankruptcy community. The award will be presented at a meeting of the Forum planned for April 27. Parmes chairs the firm’s Bankruptcy/Financial Practices Group and represents secured creditors, landlords, buyers and sellers and trade creditors, officers and directors, and others affected by financial insolvency in or outside of a bankruptcy case.

Newport Beach City Atty. David Hunt, who has been on administrative leave since his March arrest on suspicion of felony spousal abuse, filed for bankruptcy in 2006, court records show. Hunt had taken out three mortgages on his $1.1-million, six-bedroom home in Paso Robles by the time he and his wife filed for Chapter 7 protection in March 2006, according to U.S. Bankruptcy court records. The bankruptcy was related to Hunt’s shuttered law practice in Paso Robles, Newport Beach Councilman Mike Henn said.

      Snell & Wilmer L.L.P. is pleased to announce the addition of David M. Buchanan to its Orange County office.  Buchanan joins the firm as an associate of its Real Estate, Environmental, Energy & Finance (REEF) practice group.        Buchanan’s practice is focused on finance, mergers and acquisitions and bankruptcy, with a primary focus on leveraged and asset-based finance, acquisition finance and restructuring transactions.  His background includes representing private equity firms, corporate borrowers and lenders, including banks, commercial finance companies and corporations across a broad range of industries.

I believe that it was important to keep GM from failing precipitously and completely because of the extremely high number of job losses that would have immediately occurred if it had failed. This would have pushed the economy further and much deeper into recession. However, I disagree with almost everything else the Obama administration has done with the company since. Sixty billion dollars is far too much taxpayer investment in this company and taxpayers are highly unlikely to get their investment back.